Does it change your mind about raising the tax rate on millionaires?

S&P downgraded the credit rating because Republicans refused to raise taxes:

"We have changed our assumption on this because the majority of Republicans in Congress continue to resist any measure that would raise revenues, a position we believe Congress reinforced by passing the act."

Now Buffett's saying the same thing: Taxes must be raised.

And he's the guy that warned about derivatives trading way back in 2003 - http://news.bbc.co.uk/2/hi/2817995.stm

The same trading which caused the Financial Crisis.

So if anybody ought to listen to anybody, people ought to listen to Buffett.

Reagan lowered the Capital Gains tax during his tenure, and the income from the money that started moving around gave us over 10 extremely prosperous years in America.

Every dollar the government takes out of the economy is one dollar less for anyone to earn. It hurts the economy every single time.

If Buffet is so in love with taxes, why doesn't he pay more than what is legally required? Why don't any of the liberals who scream for higher taxes overpay? It's perfectly legal. There's even a line on the tax form to give more. Couldn't these libs at least not take any deductions? Isn't that like stealing from the poor?

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Lets not worry about how much money one person has and another has not. This is America, and you have the freedom to be as successful or unsuccessful as you want to be. Instead lets change this rats nest of a tax code we have now and make it one very simple percentage across the board for everybody. I believe this would increase federal revenues......and get rid of all the class warfare bullshit. Go ahead....argue with that.

yes. Of course. I stopped investing in the United States years ago because of taxes. Now I invest in my spouses name in another country who is not a United States citizen.

The reason we are in this financial crisis is because of foreign bankers. America thought they were free after the revolutionary war, well we are still ruled by England. This is the underlying problem but everybody keeps talking about the symptoms.

"I fear that foreign bankers with their craftiness and tortuous tricks will entirely control the exuberant riches of America and use it to systematically corrupt civilization."

-Otto Von Bismark (1815-1898)

The 39% taxeds is false since they can write off everything pretaining to investing. Take Mr. Forbes who writes off his mansion as a investment. Pays less taxes on property than most of his neighbors.

if we keep shifting the tax burden from the poor to the rich, there will become a time when the rich just move, and we have much less revenue and HUGE entitlements that nobody is willing to give up. the result will be rioting and anarchy when spending is cut across the board or people who normally got refunds have to start paying taxes

It doesn't matter who actually pays the tax.

it is the poor people who actually suffer from taxes.

If Buffet cares that much why has he put all of his assets into foundations and trusts that will make sure they go to the causes HE wants them to go to instead of to the govt in estate taxes. I'll take him more seriously when I see the check for $5 billion or so that he sent as a gift to the IRS.

No. I propose we raise the tax rate on welfare recipients. Rich people don't consume near the government services that poor people do, so let's increase the tax rate on poor people.